The LDA says the private sector will have to take over the lead in delivering new homes in London to avoid a significant lull, something which is already happening in West London.
The London Development Agency said this week at a seminar at New London Architecture that the private sector has to lead the reshaping of the regeneration industry if the capital is to avoid a major lull after 2012. Peter Bishop, LDA chief executive, said the political environment was undergoing unprecedented change that called for innovation from developers.
Construction News reports he claimed the capital would meet Mayor Boris Johnson’s target of 50,000 new homes by 2012 but faced significant longer-term challenges. In doing so, he said that the days of public sector-led regeneration are over.
Mr Bishop said the LDA wished to pool public land from bodies including the Metropolitan Police and Transport for London to help “up-scale social housing using public land as an equity stake”.
This is already happening extensively in schemes like the Shepherds Bush Market regeneration, and CapCo’s Earls Court plan, so West London seems to be preparing for such conditions already. Perhaps it is in East London, where the private sector investment case is harder to make, that the “lull” will be most keenly felt.